JD Power: Mortgage Satisfaction Stable in '07

Most borrowers have not been negatively affected by the turmoil in the housing market, and overall satisfaction with the mortgage lending industry has remained stable since 2006, according to the J.D. Power and Associates 2007 Primary Mortgage Origination Study.The study, which measures customer satisfaction with four key aspects of mortgage origination (application approval, interaction with the loan representative, closing, and problem resolution), found that overall satisfaction stood at 750 on a 1,000-point scale, and is consistent with 2006 results. "While it's true that borrowers with weaker credit and those seeking larger 'jumbo' loans experience longer approval times and requests for more documentation, satisfaction has remained steady among the 75% of mainstream borrowers with good credit applying for moderately sized loans," said Tim Ryan, senior director of the mortgage practice at J.D. Power. Wachovia ranked highest among primary mortgage lenders, with a score of 827, while SunTrust Mortgage ranked second with 818 and Bank of America ranked third with 760. "The percentage of borrowers working directly with their lender instead of through a third party has increased, which has helped maintain the stability of overall satisfaction since 2006," Mr. Ryan said. The origination study was based on responses from 4,378 consumers who obtained new mortgages between September 2006 and August 2007.